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Many homeowners have a considerable amount of cash tied up in the equity of their homes – that is, the value of the amount of the home they own, less any outstanding mortgage or loan.

Not only is it possible to release that equity – to enjoy its present cash value – but more homeowners than ever before appear to be choosing to do so. This is a conclusion drawn in a story published in the Guardian newspaper on the 25th of January 2016.

During the course of 2015, a record 22,500 equity release agreements were made, representing a return to the nation’s homeowners of a total of some £1.61 billion.

How do I know if equity release is right for me?

Probably the single most informative source is an online equity release calculator. It might be the best step to gaining some idea of what equity there may be in your home that may be released, depending on the value of the property and your age (you need to be 55 or over to qualify for any equity release scheme).

Combine an equity release calculator with a comparison website which shows the various interest rates currently offered by equity release providers and you may get a pretty clear idea of whether to take things further. There is generally no limit on the number of times you may use the same calculator.

There are any number of such online calculators and it might be difficult knowing which one to choose. Some of the things to look out for when choosing one, therefore, might include:

• how much equity you might be able to release, the interest rates governing the various schemes on offer and what the impact is likely to be upon your estate;

• whether the provider is a member of the Equity Release Council – since this guarantees a certain number of safeguards built into any agreement; and

• whether the site providing the calculator also offers a detailed guide on how equity release works and the arrangements that might be made to answer your queries and discuss your concerns directly with any provider.

Types of equity release

Using an equity release calculator is only the first step in what is invariably a complicated process, involving very serious decisions about the home in which you live, the funds it might unlock and the impact any agreement has on the estate you may pass on to your surviving dependents and relatives.

This makes it important that you seek the advice and guidance of a specialist in the provision of equity release agreements and embark on a learning curve that might lead to your understanding of the two principal vehicles for equity release:

• home reversion – this involves the sale of a proportion of your home to the equity release provider, so that you become a co-owner, but may continue to live in the dwelling until your share of the property is sold upon your death or when you move into long-term care; or

• lifetime mortgage – this is probably a more popular arrangement than home reversion and allows you to make a more reliable calculation of the costs involved. A lifetime mortgage is similar to a regular mortgage, but you make no repayments on the advance, which continues to attract interest in the normal way. The mortgage is repaid from the sale proceeds of the property when you die or move into long-term care.

The use of an equity release calculator may be enough to set you off on the road to unlocking some of the wealth tied up in your home.

When taking out a personal loan, opening up a credit card or even taking up a mortgage, many often sign a PPI. However reality is that many are usually unaware of this fact, until they are unable to make the needed payments as scheduled. But what is a PP1?

What Is PPI?

Short for payment protection insurance, PPI is normally sold by financial institutions to their customers as a means to protect them in the event they are unable to pay their loans. This is whether the reason behind it is sickness or loss of job. The insurance sometimes goes by the name unemployment coverage, sickness coverage or accident coverage but can broadly be referred to as credit protection insurance.

How to Get PPI money back?

In the event you have coverage and intend on getting your money back as the need has arisen, getting your claim submitted is the first step. This way information regarding just how much PPI has been sold to you on your loan and the amount payable will be revealed. In the end after the necessary paperwork has been completed, you will receive your PPI refund money back.

How much can one claim?

The amount of PPI you can claim largely depends on the amount of loan and credit card balance you have. This simply means the larger the loan and credit card balance, the bigger the PPI refund. However to know the exact amount you will need to make and offer and add the interest to know just how much you are entitled to. Take into account where you have gotten your mortgage from, all places you have taken loans from and credit cards that you have signed up for over the years. This way if you have ever signed up for PPI, the retrieval process will begin.

How far back can you claim?

In this case also there is usually no set limit. With some, register claims can be made as far back as 12 years with many having a maximum of 15 years. However you will only know whether you can get your funds back by making a claim as far back as you can. This way ensure you gather all your paperwork on the accounts you bought PPI.

How Soon Can You get your money back?

There is usually no set limit on how long it will take to return the funds to customers. However on average the time usually takes about 8 weeks. This still depends on the bank, its procedures and your history with the bank.

Filing a claim

The process of making a claim to get a PPI refund is no doubt long and tiring. In this case to make the process easy using iSmart is ideal. With the services being particularly free, you will not be charged to check whether you have a PPI on your loans. In addition no charges will be brought to you in case you chose another company to file a claim, even after knowing how much you can get as refund. Still with some lenders taking as many as 2 months to respond whether your claim can be made or not, leaving it to the professionals is better saving you time and money. As if that is not enough with PPI scandals affecting many people in the past decade, ppirefund.co.uk will ensure that even after your complaint has been rejected, you get the needed advice on what to do next.

As you’re leaving school, finishing university and getting your first job, retirement is most likely the last thing on your mind. But taking a few steps to set yourself up in your 20s can go a long way to avoiding financial stress in later life. It’s never too early to start preparing for your future.

Set some goals

It’s much easier to get what you want, if you’re clear about what exactly it is you want. We all want to have feel fulfilled, but what does this mean to you and how are you going to achieve it. Of course these goals may change but the planning will be the same.

Consider setting yourself some short, medium and long term goals.

Short term goals might be taking a holiday or buying a car. These are the things you should be putting money towards now, on a regular basis.

Medium term goals can set you up for the next stage in life. Will you want to buy a house, raise a family? You might not want to put all your money towards these right now but they will require planning and saving.

Long term goals will most likely your retirement. You superannuation fund will go a long way to determining this, so it’s important to ensure your employer is contributing correctly.

Pay down your debt

Putting aside savings for a car is all well and good, but any debts you have may affect your ability to reach your financial goals in the short to medium, or even long term. Don’t forget to include any debt repayments as part of your budget.

Budgeting

Budgeting doesn’t mean living on baked beans while you’re friends are out eating at a nice restaurant. What it does mean is being realistic about exactly how much money you are earning and spending. Creating a budget is the best way to track your expenses and avoid living beyond your means. Try some of these great budgeting apps to help you manage the process.

Automatic savings

Once you have created your budget and know exactly how much you have available, you can start saving for your goals. Setting up an automatic payment to a separate savings account will help keep you on track and stop the temptation to dip into your funds.

Sort your Super

For any job you hold over the age of 18 and earn more than $450 a month, or any job in which you work 30 hours or more per week, your employer pays out superannuation. Unless you specify otherwise, these workplaces pay your super to an account with their chosen super fund. Which means if you have had four different jobs, you could have as many as four different superannuation accounts, and be paying four sets of fees.

Combining these funds into the one superannuation account means you only pay one set of account fees, but also means it’s easier to track how much money you have to set you up for your retirement.

One wouldn’t necessarily think of their clothes as a money maker, but what we wear vastly impacts our business success rate. Having a fine tuned business acumen includes knowing what to wear and when.

If you are heading to meet a new client, you want to dress to impress. As they say, you only get one chance to make a first impression. If you show up to a meeting with a potential new client horribly dressed, they will have a terrible first impression of you. You want to leave clients with the impression that you are professional, successful, and above all else, confident you can do anything the client needs you to get done.

Dressing yourself in Macy’s is gong to convey all of the right messages. If you show up to a client meeting dressed in second-hand clothes or faded and stained suits, nothing you say will be able to convince a client that you can accomplish what they need from you. Dressing in Charles Tyrwhitt however, demonstrates that you have a history of success. Showing up to a client meeting wearing the finest of clothes demonstrates to your clients that you can succeed. When you demonstrate this, you earn their trust and their account.

It might seem odd to think that how you dress can impact your financial success, but our appearance plays a large role in how we interact with others. Dressing for success is critical in business. If you dress well, you will find your list of clients expanding and your income increasing. By contrast, neglecting your appearance will only bring you frustration and hard times financially.

Make sure to take care of your business by taking care of your appearance. You need to invest in quality wear above all else- get some shoes that shine, keep your slacks crisp, and make sure your tie is on straight. Never wear the same suit twice to a meeting with a client- so make sure you keep at least four to five different sets of suits in your closet. You’ll want to be prepared at all times to let your suit do the talking for you.

The same health insurance policy can cost you differently at different life stages. We explain why this happens.

Taking life insurance in today’s times of uncertainty is de rigueur for any responsible person. While lifestyle diseases and serious illnesses like cancer are on the rise, the world is also witnessing unprecedented acts of terrorism and natural disasters. All in all, life is quite unsafe all over the world. But while we can exercise no control over how the world behaves and affects us, we can certainly safeguard ourselves and our families with life and health insurance policies.

However, the timing of purchase is crucial: any financial planner and insurance advisor will tell you that the younger you are when you buy life and health insurance plans in India, the lower your premium payments will be. There is a curious correlation between one’s age and how affordable or expensive the insurance plans become. This correlation changes with:

The 20s: A person has a job with a modest income, possibly a first job. The policy holder has relatively lesser family responsibilities and can easily pay the health insurance policy premiums. A person in their 20s is also healthier and fitter than his older counterparts, so the chance of disease is lower. Also, insurers estimate a larger life span for the policy holder, hence the sum assured will be higher while the premium payments will be lower.

The 30s: By this time, a person is married and has a family, while also having a stable job. His income is also higher than in the previous decade, while his health profile may not be as good as earlier. Insurers anticipate that certain lifestyle diseases like diabetes and cardiac problems take root in this decade. Also, your profession and lifestyle can have a bearing on the premiums of your health insurance policy. If you are employed in a line of work that puts you in danger (such as the police force, fire brigade, mining and construction, etc.) the insurer will insist on a higher premium payment for you.

The 40s and 50s: Premiums on health insurance plans will be much higher as compared to those a person in his 20s would pay. Insurers anticipate a lower life expectancy for the customer at this stage, along with many varied expenses at home (children’s higher education, medical treatment costs for self and parents, home mortgage payments, etc.) and so, the premiums will be larger. Insurers will also insist on a detailed health profile to eliminate the possibility of unknown diseases, critical illnesses, disorders arising out of smoking and substance abuse, etc.

The 60s: Most insurers do not give health insurance policies in India to people who have crossed the age of 60 years. People in this age group have retired from active duty, hence they do not have an income from which they can pay their health premiums. Secondly, it is costlier to insure a person past the age of 60 because of a high incidence of poor health and diseases. Instead of taking individual health plans in their 60s, people in this age group should look at getting included in the family health plans of their children.